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re: Purchasing property to short term rent
Posted on 4/20/24 at 6:35 pm to baldona
Posted on 4/20/24 at 6:35 pm to baldona
Thanks guys. We don’t have to use it ourselves and would like close. I’ve seen the $750+ lake houses and do think maybe I should start smaller, like a condo, house around UA that’ll be cheaper.
Posted on 4/21/24 at 7:30 am to Syd
We have an STR in a resort area (Rockies). Lots of good advice here…be mindful of local restrictions and politics. Know your tax and license fee exposure. Management costs aren’t cheap.
I wouldn’t buy at these interest rates unless I was dropping a substantial down payment and planning to be in the property a very long time.
We benefited from the post-pandemic equity boom…don’t count on that. You’re likely buying into it. We got lucky on timing…not sure a buyer now is. Good luck.
And don’t forget the guiding rule of real estate investing….location, location, location.
I wouldn’t buy at these interest rates unless I was dropping a substantial down payment and planning to be in the property a very long time.
We benefited from the post-pandemic equity boom…don’t count on that. You’re likely buying into it. We got lucky on timing…not sure a buyer now is. Good luck.
And don’t forget the guiding rule of real estate investing….location, location, location.
This post was edited on 4/21/24 at 7:47 am
Posted on 4/21/24 at 8:49 am to Syd
quote:Be aware of the STR rules for Tuscaloosa city. If you buy one that isn’t already being used as short term rental, you’ll have to apply for a permit for it, they’re pretty good about approving them, but it’s not guaranteed. Northport is less restrictive
Thanks guys. We don’t have to use it ourselves and would like close. I’ve seen the $750+ lake houses and do think maybe I should start smaller, like a condo, house around UA that’ll be cheaper.
Posted on 4/22/24 at 7:03 am to Syd
quote:
We don’t have to use it ourselves and would like close.
With this criteria unless you are paying cash and can find a fantastic deal then now is not the time for most STR's. Chances are you DON'T know the local market well if you are asking these questions.
Rental properties drastically vary by location, just like any real estate. One block over or one street over or facing the wrong direction can change things drastically. One building may be much better than the next. Rents are all about ROI though and the ROI for one building could be much better even though the demand for a purchase is better next door. Just jumping in without knowing all this and also not planning to use it, would not be recommended if you expect a decent to good ROI.
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